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Acit, Circle -15(1),Kolkata, Kolkata vs Baljit Securities Pvt. Ltd., Kolkata on 24 February, 2021 cites

Asian Financial Services Ltd vs Commissioner Of Income Tax-3 Kolkata on 25 February, 2016

8|Page ITA No. 346/Kol/2017 Baljit Securities, A.Y. 2012-13 transactions. Since in this case, the derivative transaction falls in the exemption, therefore the profit or loss from derivatives cannot be deemed to be a speculative transaction. Since the loss from derivative transaction is not a speculative loss, it can be set off with the profit and gain of business. So, in this case, the derivative loss suffered by the assessee can be set off with the assessee's income from Brokerage and trading of shares (i.e. intra-head adjustment). This view of ours gets support from the decisions the Hon'ble jurisdictional High court in Asian Financial Services Ltd. Vs. CIT-3, Kolkata reported in 240 Taxman 192 (Kol) wherein it eas held that the activities covered in clause (a) to (e) of section 73 of the Act even though are not deemed as speculative business, however, these deemed businesses are distinct and separate from any other business. Thereafter, the Hon'ble High Court (supra) in similar circumstances observed that "now the question is whether the loss arising out of such being the business can be set off against the profit arising out of other business or businesses which may for clarity be called proper business. Under section 70 of the Act, the assessee is entitled to have the loss set off against his income from any other source under the same head unless otherwise provided. The question, however remains whether the explanation to sub-section (4) of section 73 relied upon by Mr. Lodh provides otherwise. A plain reading of the explanation quoted above cannot be said to have provided otherwise. In that case the irresistible conclusion is that the assessee is entitled to set off such loss arising out of deemed business against the income arising out of business proper."
Calcutta High Court Cites 3 - Cited by 13 - Full Document

Antitrust - Section 26(2) Disclaimer: ... vs Chief Executive Officer, Noida & Ors. ... on 29 April, 2014

Moreover Hon'ble ITAT, Kolkata had held in assessee's own case in the A.Y.2009-10 that earning of dividend was merely incidental! to the holding of shares (as stock in trade) for the particular period within which dividend was declared - The balance sheet of the assessee does not show any investment & all the shares are being held as stock in trade only - The A.O. has calculated the disallowance from the stock in trade/inventories held by the assessee - Rule 8D (2) (ii) (iii) can only be applied where shares are held as an investment & this rule will not have any application when these shares are held as stock in trade. This view finds supports from Kolkata Tribunal's decision in the case of "Dy. CIT vs. Gulshan Investment Co Ltd" & Hon'ble Karnataka High Court judgement in the case of "CCI Ltd vs J.T. C.I.T (2012) 206 Taxmann 563.".
Competition Commission of India Cites 7 - Cited by 849 - Full Document
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